Tax Rules for Vehicles (Currently Unavailable)

Author: Barbara Weltman

This course will cover the tax rules for cars, light trucks, and vans.

Publication Date: November 2017

Designed For
Practitioners looking for an overview on automobile expenses and deductions.

Topics Covered

• Expenses and deductions available for business use of vehicles
• Depreciation
• Leased vehicles
• Dollar Limits
• Standard mileage rate
• Reimbursement and deductions for business use of a personal vehicle
• Substantiation requirements
• Recordkeeping requirements
• Personal use of a business vehicle
• Valuation rules
• Tax breaks for purchasing a personal vehicle
• Donating a vehicle to charity

Learning Objectives

• Describe the limitations on deducting depreciation for business vehicles
• Identify the situations in which personal use of a vehicle is tax deductible
• Explain the tax incentives for purchasing certain types of vehicles

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None